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August 3, 2007
Thorough Background Check Solution Launched
A new solution that offers comprehensive batch processing of records on third parties aims to help lenders make more informed decisions on their business partners and prevent fraud.
read press release
Tips on Fraud, ID Theft Protection
For protection against identity theft and fraud, potential victims are advised to report the problem to the three major credit bureaus, all financial institutions where they do business and law enforcement officials.
read story from WFTV
Woman Uses Stolen ID for Mortgage
Elizabeth Cabrera-Rivera admitted she used the identity of a man to purchase a townhouse and now faces up to 20 years in prison.
read story from Identity Theft Daily
7 Charged with Mortgage Fraud
Joan Shinkaruk and Daryle Rutherford are accused of being the ringleaders of a subprime loan scam against Argent Mortgage Co. that involved selling rundown homes at inflated prices and an unemployed single mother who bought five homes in one day.
read story from Plain Dealer
10 Charged with $2M Mortgage Fraud
A two-year investigation has led to 10 people, including Michael Lock and Jerhonda McCray of brokerage World Financial Mortgage, being charged with submitting fraudulent applications to obtain over $2 million in mortgages.
read story from WKBT
Man Guilty of Mortgage Fraud
Michael D. Goodson was found guilty of conspiring in a scheme that led to over $11 million in mortgages through loan applications that contained false employment by fictitious companies, inflated salaries and other fraudulent statements.
read story from Associated Content
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August 1, 2007
Fraud Detection Solution's Popularity Surges
With identity theft and fraud on the rise, ACI Worldwide's claims its customer base for its fraud detection solution has grown 60 percent and includes seven of the world's top banks.
read press release
Group Addresses Warehouse Closing Agent Risk
A group has been created to benefit mortgage warehouse lenders with new and important approaches to closing process risk management.
read press release
Two Sentenced for Mortgage Fraud
Clarence Harris, former operator of Check First Mortgage, and Ike Bronson, former loan processor at Seven Hills Financial, were sentenced for allegedly recruiting borrowers for properties with inflated values.
read story from The Enquirer
Charity Set Up for Mortgage Scam
Nine men have been found to be connected to a business known as Millennium Innovations, which created a charity called American Gift Foundation to get mortgages -- that were never repaid -- and taxpayer-supported rent assistance.
read story from Call 6
Woman Accused of ID, Mortgage Fraud
Mortgage broker Kimberly M. Davis was charged with fraudulently using the identities of three men to prepare bogus mortgage applications and purchase two homes.
read story from The Kansas City Star
Man Blames Default on ID Theft
A man alleges someone stole his identity and forged his signature on a mortgage that is about to foreclose and ruin his credit.
read story from 17 KGET
Body Snatchers Snatch Mortgages
Michael Lock, the leader of a crime group called the "Body Snatchers," and Jerhonda McCray, doing business as USA Appraisals, were charged in connection with using bogus appraisals to inflate the value of properties for mortgages.
read story from Journal Sentinel
FTC Encourages Fraud Victims to Complain
The Federal Trade Commission says one of the best things victims of mortgage discrimination and fraud can do get even with the perpetrators is to file a complaint with the FTC as this can lead to law enforcement action.
read story from Pioneer Press
Felon Advises on Fraud Red Flags
At an upcoming seminar, convicted felon Kevin Barnes, who now helps fight fraud, will let attendees know how he was able to beat the system and what real estate finance professionals can look for to avoid being defrauded.
read story from Standard Democrat
Public Information Provides Leads for Fraudsters
Scammers who defraud borrowers facing foreclosure by enticing them to sign over the title of their homes are able to find the contact information of their victims through foreclosure notices, which are public information and give way for mortgage fraud to increase.
read story from Redding Record Searchlight
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